Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6374
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Market Overview:

The global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.

Generative AI refers to a technology that uses AI and machine learning algorithms to enable machines to create new digital videos, images, texts, audio, or code. It is driven by algorithms that can identify the underlying pattern of an input and generate similar outputs. Generative AI offers several benefits, including the creation of high-quality content, enhanced identity protection, better comprehension of abstract theories, decreased financial and reputational risks, etc. As a result, it is widely employed across several industries, such as healthcare, IT, robotics, BFSI, etc.

Global Generative AI Market

Generative AI Market Trends:

Significant growth in the information technology (IT) sector along with the inflating usage of AI-integrated systems across several verticals for enhancing productivity and agility is primarily driving the global generative AI market. Moreover, the widespread adoption of generative AI in the media and entertainment vertical for the smart processing of low-resolution images and videos is also catalyzing the market growth. Besides this, the increasing demand for generative AI in the healthcare sector for rendering numerous products, including prosthetic limbs and organic molecules from scratch using 3D printing solutions, is creating a positive outlook for the global market. The technology also facilitates the early detection of malignancies and accelerates drug discovery procedures. Additionally, the emerging popularity of generative AI for assisting chatbots in holding effective conversations and boosting customer satisfaction is acting as a significant growth-inducing factor. Apart from this, the rising penetration of generative AI across the BFSI industry for fraud detection, synthetic data generation, trading prediction, and risk factor modeling is further propelling the global market. Moreover, the inflating utilization of generative AI for creating virtual worlds in the metaverse and producing digital artworks using only text-based descriptions is expected to drive the global generative AI market in the coming years.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global generative AI market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering type, technology type and application.

Breakup by Offering Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Image
  • Video
  • Speech
  • Others
     

Breakup by Technology Type:

  • Autoencoders
  • Generative Adversarial Networks
  • Others
     

Breakup by Application:

  • Healthcare
  • Generative Intelligence
  • Media and Entertainment
  • Others
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Adobe Inc., Amazon Web Services Inc., D-ID, Google LLC, MOSTLY AI Inc., OpenAI, Rephrase.ai and Synthesia.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Offering Type, Technology Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Adobe Inc., Amazon Web Services Inc., D-ID, Google LLC, MOSTLY AI Inc., OpenAI, Rephrase.ai and Synthesia
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global generative AI market was valued at US$ 10.3 Billion in 2022.

We expect the global generative AI market to exhibit a CAGR of 20.01% during 2023-2028.

The rising adoption of generative AI across several industries, such as healthcare, Information Technology (IT), media and entertainment, etc., owing to its various benefits, including enhanced identity protection, better comprehension of abstract theories, the creation of high-quality content, decreased financial risks, etc., is primarily driving the global generative AI market.

The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of generative AI by numerous organizations to create new digital videos, images, texts, audio, or code, during the remote working scenario.

Based on the technology type, the global generative AI market has been segregated into autoencoders, generative adversarial networks, and others. Among these, generative adversarial networks currently hold the largest market share.

Based on the application, the global generative AI market can be bifurcated into healthcare, generative intelligence, media and entertainment, and others. Currently, the media and entertainment sector exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

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Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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